21788 C St · Rehoboth Beach, DE 19971

$124,900

2 bd · 2.0 ba · 924 sqft · Manufactured · 280 Days on market

Built 1988 151 ac lot $135/sqft · at area comps Est $121k · at est.

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.9/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 21788 C St in Rehoboth Bay! Located in a vibrant waterfront community, this 2-bedroom, 2-bath manufactured home offers comfort, convenience, and a true coastal lifestyle. Step inside to find a spacious living area, a well-equipped kitchen and dining space, and the convenience of in-unit laundry. The primary suite features its own full bath with a double vanity and walk-in shower, while the second bedroom and bath provide plenty of space for family or guests. A front deck extends your living space outdoors, perfect for enjoying summer evenings and salty breezes. Rehoboth Bay Manufactured Home Park is one of the area’s most desirable waterfront communities, offering outstanding amenities including an outdoor pool, private beach, pier/dock access, tennis and basketball courts, an outdoor cardio gym, and a playground. Whether you’re looking for a year-round residence or a vacation getaway, you’ll love being just minutes from Rehoboth Beach Country Club, Dewey Beach, entertainment, shopping and more! This home is your chance to experience the perfect blend of comfort, community, and coastal charm. Schedule your private tour today!

Key facts

• 151.03 acre lot
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 1.1% in Rehoboth Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, employment A+; Watch: crime F, commute F, cost of living F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 331 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $70k; list at $125k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 16.34%
• Cash-on-cash: 35.87%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (median comp): $120,718
• List price: $124,900
• Delta: 3.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21787 B St Unit B-14	0.03mi	3/1.0 (+1)	900 (-3%)	5mo	$140,000	$156	81
21754 B St #4028	0.10mi	2/1.0	900 (-3%)	20mo	$129,900	$144	71
21739 A St	0.16mi	2/1.0	900 (-3%)	23mo	$65,000	$72	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.50×
• Total profit: $17,342
• Equity at exit: $18,623

10-year hold

• IRR: 21.5%
• Equity multiple: 2.84×
• Total profit: $64,378
• Equity at exit: $10,799

Cash invested: $34,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19971

• Active inventory: 331
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,416 medium
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $585

Break-even live

Break-even rent $1,675

Max offer price $124,900

Occupancy floor 71%

Sensitivity live

Price	-10% $671	-5% $628	+0% $585	+5% $542	+10% $499
Rent	-10% $394	-5% $490	+0% $585	+5% $680	+10% $776
Rate	-1.0pp $648	-0.5pp $617	base $585	+0.5pp $553	+1.0pp $520

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	45d	1	1.16mi

Listing history 23 events

1. 2026-06-18
   days on market $124,900 Active 280 DOM
2. 2026-06-17
   days on market $124,900 Active 279 DOM
3. 2026-06-16
   days on market $124,900 Active 278 DOM
4. 2026-06-15
   days on market $124,900 Active 277 DOM
5. 2026-06-14
   days on market $124,900 Active 275 DOM
6. 2026-06-13
   days on market $124,900 Active 274 DOM
7. 2026-06-10
   days on market $124,900 Active 272 DOM
8. 2026-06-09
   days on market $124,900 Active 271 DOM
9. 2026-06-08
   days on market $124,900 Active 270 DOM
10. 2026-06-07
    days on market $124,900 Active 269 DOM
11. 2026-06-05
    days on market $124,900 Active 266 DOM
12. 2026-06-03
    days on market $124,900 Active 265 DOM
13. 2026-06-02
    days on market $124,900 Active 264 DOM
14. 2026-06-01
    days on market $124,900 Active 263 DOM
15. 2026-05-31
    days on market $124,900 Active 262 DOM
16. 2026-05-30
    days on market $124,900 Active 261 DOM
17. 2026-04-16
    price $124,900 1172-char remark

    Show marketing remark (1172 chars)

    Welcome to 21788 C St in Rehoboth Bay! Located in a vibrant waterfront community, this 2-bedroom, 2-bath manufactured home offers comfort, convenience, and a true coastal lifestyle. Step inside to find a spacious living area, a well-equipped kitchen and dining space, and the convenience of in-unit laundry. The primary suite features its own full bath with a double vanity and walk-in shower, while the second bedroom and bath provide plenty of space for family or guests. A front deck extends your living space outdoors, perfect for enjoying summer evenings and salty breezes. Rehoboth Bay Manufactured Home Park is one of the area’s most desirable waterfront communities, offering outstanding amenities including an outdoor pool, private beach, pier/dock access, tennis and basketball courts, an outdoor cardio gym, and a playground. Whether you’re looking for a year-round residence or a vacation getaway, you’ll love being just minutes from Rehoboth Beach Country Club, Dewey Beach, entertainment, shopping and more! This home is your chance to experience the perfect blend of comfort, community, and coastal charm. Schedule your private tour today!

18. 2025-09-12
    listed $129,900 Active 1172-char remark

    Show marketing remark (1172 chars)

    Welcome to 21788 C St in Rehoboth Bay! Located in a vibrant waterfront community, this 2-bedroom, 2-bath manufactured home offers comfort, convenience, and a true coastal lifestyle. Step inside to find a spacious living area, a well-equipped kitchen and dining space, and the convenience of in-unit laundry. The primary suite features its own full bath with a double vanity and walk-in shower, while the second bedroom and bath provide plenty of space for family or guests. A front deck extends your living space outdoors, perfect for enjoying summer evenings and salty breezes. Rehoboth Bay Manufactured Home Park is one of the area’s most desirable waterfront communities, offering outstanding amenities including an outdoor pool, private beach, pier/dock access, tennis and basketball courts, an outdoor cardio gym, and a playground. Whether you’re looking for a year-round residence or a vacation getaway, you’ll love being just minutes from Rehoboth Beach Country Club, Dewey Beach, entertainment, shopping and more! This home is your chance to experience the perfect blend of comfort, community, and coastal charm. Schedule your private tour today!

19. 2025-09-11
    historical $129,900 1172-char remark

    Show marketing remark (1172 chars)

    Welcome to 21788 C St in Rehoboth Bay! Located in a vibrant waterfront community, this 2-bedroom, 2-bath manufactured home offers comfort, convenience, and a true coastal lifestyle. Step inside to find a spacious living area, a well-equipped kitchen and dining space, and the convenience of in-unit laundry. The primary suite features its own full bath with a double vanity and walk-in shower, while the second bedroom and bath provide plenty of space for family or guests. A front deck extends your living space outdoors, perfect for enjoying summer evenings and salty breezes. Rehoboth Bay Manufactured Home Park is one of the area’s most desirable waterfront communities, offering outstanding amenities including an outdoor pool, private beach, pier/dock access, tennis and basketball courts, an outdoor cardio gym, and a playground. Whether you’re looking for a year-round residence or a vacation getaway, you’ll love being just minutes from Rehoboth Beach Country Club, Dewey Beach, entertainment, shopping and more! This home is your chance to experience the perfect blend of comfort, community, and coastal charm. Schedule your private tour today!

20. 2021-02-12
    soldstatus $69,999 Closed 699-char remark

    Show marketing remark (699 chars)

    Well kept beach home with tons of updates situated just a few minutes walk to the community pool, crabbing/fishing dock, kayak launch and marina! This property features 2 bedrooms and 2 baths with an inviting open floor plan featuring hardwood flooring and fresh paint throughout. You will love the updated baths and spacious bedrooms. There are also so many upgrades you can move right in and not have to worry about a thing! Brand new Roof (2020), New Windows (2017), Brand New Deck (2020), New Water Heater (2020). Home is located in the leased land community of Rehoboth Bay and has a monthly lot rent of $615 a month which includes water and trash/recycling. Call for a private showing today!

21. 2021-02-09
    status Pending 699-char remark

    Show marketing remark (699 chars)

    Well kept beach home with tons of updates situated just a few minutes walk to the community pool, crabbing/fishing dock, kayak launch and marina! This property features 2 bedrooms and 2 baths with an inviting open floor plan featuring hardwood flooring and fresh paint throughout. You will love the updated baths and spacious bedrooms. There are also so many upgrades you can move right in and not have to worry about a thing! Brand new Roof (2020), New Windows (2017), Brand New Deck (2020), New Water Heater (2020). Home is located in the leased land community of Rehoboth Bay and has a monthly lot rent of $615 a month which includes water and trash/recycling. Call for a private showing today!

22. 2021-01-17
    historical Active Under Contract 699-char remark

    Show marketing remark (699 chars)

    Well kept beach home with tons of updates situated just a few minutes walk to the community pool, crabbing/fishing dock, kayak launch and marina! This property features 2 bedrooms and 2 baths with an inviting open floor plan featuring hardwood flooring and fresh paint throughout. You will love the updated baths and spacious bedrooms. There are also so many upgrades you can move right in and not have to worry about a thing! Brand new Roof (2020), New Windows (2017), Brand New Deck (2020), New Water Heater (2020). Home is located in the leased land community of Rehoboth Bay and has a monthly lot rent of $615 a month which includes water and trash/recycling. Call for a private showing today!

23. 2021-01-14
    listed $69,999 Active 699-char remark

    Show marketing remark (699 chars)

    Well kept beach home with tons of updates situated just a few minutes walk to the community pool, crabbing/fishing dock, kayak launch and marina! This property features 2 bedrooms and 2 baths with an inviting open floor plan featuring hardwood flooring and fresh paint throughout. You will love the updated baths and spacious bedrooms. There are also so many upgrades you can move right in and not have to worry about a thing! Brand new Roof (2020), New Windows (2017), Brand New Deck (2020), New Water Heater (2020). Home is located in the leased land community of Rehoboth Bay and has a monthly lot rent of $615 a month which includes water and trash/recycling. Call for a private showing today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,992
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$6,150
• − Repairs & maintenance: −$2,319
• − Management: −$2,319
• − Depreciation: −$3,633
• Taxable income: $5,700
• Est. tax owed @ 24.0%: −$1,368
• After-tax cash flow: $5,652/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

Livability — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

Amenities A+ Commute F Cost of living F Crime F Employment A+ Housing B- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 14,886
• Metro: Salisbury, MD-DE
• Population (ZIP): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

+78.4% since first listed

7 events — show timeline

• 2026-04-16 Price Changed $124,900 BRIGHT MLS
• 2025-09-12 Listed $129,900 BRIGHT MLS
• 2025-09-11 Coming Soon $129,900 BRIGHT MLS
• 2021-02-12 Sold (MLS) $69,999 BRIGHT MLS
• 2021-02-09 Pending — BRIGHT MLS
• 2021-01-17 Contingent — BRIGHT MLS
• 2021-01-14 Listed $69,999 BRIGHT MLS

Property tax history

-9.6%/yr

Latest (2025): $120 · -65.8% YoY. Source: county tax records.